{"id":67643,"date":"2022-09-25T17:03:32","date_gmt":"2022-09-25T14:03:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67643"},"modified":"2025-09-07T07:47:13","modified_gmt":"2025-09-07T04:47:13","slug":"coinflex-creditors-back-platforms-restructuring-plan-ahead-of-schedule","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinflex-creditors-back-platforms-restructuring-plan-ahead-of-schedule\/","title":{"rendered":"CoinFLEX creditors back platform&#8217;s restructuring plan ahead of schedule"},"content":{"rendered":"<p>Creditors of the CoinFLEX crypto-derivatives platform overwhelmingly <a href=\"https:\/\/snapshot.org\/#\/coinflexvote.eth\/proposal\/0x7e28e921369007b8b508d01c04d84a99dcbc5eac6b44cfe01d995ce933401d4e\">backed<\/a> the company&#8217;s restructuring proposal early.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"603\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/snapshot-2-1024x603.png\" alt=\"CoinFLEX creditors back platform's restructuring plan ahead of schedule\" class=\"wp-image-185828\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/snapshot-2-1024x603.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/snapshot-2-300x177.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/snapshot-2-768x452.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/snapshot-2.png 1220w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: <a href=\"https:\/\/snapshot.org\/#\/coinflexvote.eth\/proposal\/0x7e28e921369007b8b508d01c04d84a99dcbc5eac6b44cfe01d995ce933401d4e\">Snapshot<\/a>. <\/figcaption><\/figure>\n<p>The vote, conducted on the Snapshot platform, is due to close on September 27. However, just hours after it began, tokens representing 99.96% of creditors&#8217; assets were blocked in favour of the proposal.<\/p>\n<p>The CoinFLEX restructuring plan envisions that 65% of the company&#8217;s capital will be transferred to creditors, a further 15% to the team under an <span data-descr=\"employee stock ownership plan, plan for granting employee shares\" class=\"old_tooltip\">ESOP<\/span>, and the Series B investors to remain shareholders.<\/p>\n<p>Earlier, on June 24, 2022, CoinFLEX <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-suspends-withdrawals-and-trading-of-its-own-token\">suspended<\/a> user withdrawals due to \u201cextreme market conditions\u201d and \u201cuncertainty regarding the counterparty\u201d.<\/p>\n<p>Lam later said that the aforementioned counterparty is Bitcoin.com&#8217;s founder Roger Ver, who owed CoinFLEX $47 million. Because the \u201cBitcoin Jesus\u201d did not meet his obligations, the company sent him <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-serves-roger-ver-with-a-notice-of-default\">default notice<\/a>.<\/p>\n<p>The firm turned to the Hong Kong International Arbitration Centre to <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-plans-to-recover-84-million-from-roger-ver\">recover the debt from Ver<\/a>. The initial assessment of damage by the platform&#8217;s representatives was deemed incorrect, as it did not account for the founder of Bitcoin.com&#8217;s substantial debt in FLEX tokens.<\/p>\n<p>In July <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-to-resume-withdrawals-in-restricted-mode\">CoinFLEX said it would resume withdrawals<\/a> in a restricted mode and <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-announces-staff-cuts-to-optimise-costs\">announced layoffs<\/a>.<\/p>\n<p>In August <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-seeks-restructuring-in-seychelles-court\">the platform filed for restructuring<\/a> with the Seychelles Court.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Creditors of the CoinFLEX crypto-derivatives platform voted overwhelmingly in support of the company&#8217;s restructuring proposal.<\/p>\n","protected":false},"author":1,"featured_media":67644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2318],"class_list":["post-67643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinflex"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=67643"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67643\/revisions"}],"predecessor-version":[{"id":67645,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67643\/revisions\/67645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/67644"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=67643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=67643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=67643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}